Ocwen Financial Corp. Legal Expenses Costs It Big Time
Ocwen Financial Corp., a mortgage servicing company, has reported a net loss of $44.4 million according to a recent National Mortgage News report.
The company is citing more than $30 million in expenses for legal settlement cases. According to the report, Ocwen managed to turnover a net profit of $9.5 million in 2016. It's not all bad for the company. President and CEO Ron Faris claims the company has excelled in some areas.
"We signed our agreements relating to mortgage servicing rights transfer and subservicing with New Residential Investment Corp." said Faris according to the report.
"We settled additional legacy litigation matters further reducing future uncertainty; and we specifically identified approximately $12 million in annual corporate overhead cost savings that we expect to realize in the second half of this year."
The optimistic outlook may be clouded by the fact that there are still legal matters being tended to in court. For more on Ocwen's struggles, click the image above.